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$ 54.61




Bitcoin (BTC) Price Weekly Forecast: Slow And Steady Increase Likely

Bitcoin (BTC) Price Weekly Forecast: Slow And Steady Increase Likely


  • There was a downside correction from the $10,954 swing high in bitcoin price against the US Dollar.
  • The price is holding the $10,000 support and it could bounce back in the near term.
  • There is a major bullish trend line forming with support near $10,140 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The price could dip in the short term before it starts a fresh increase above $10,500 in the near term.

Bitcoin price is showing positive signs above $10,000 against the US Dollar. BTC could rise steadily as long as there is no close below the $10,000 support area.

Bitcoin Price Weekly Analysis (BTC)

In the last weekly forecast, we saw bitcoin price holding the key $10,000 support area against the US Dollar. The BTC/USD pair climbed higher and traded above the $10,000 resistance area. Moreover, there was a break above the $10,800 level and the 100 simple moving average (4-hours). However, the price failed to continue higher and topped below the $11,000 resistance.

A swing high was formed near $10,954 and recently the price started a fresh decline. It broke the key $10,500 support area and the 100 SMA. Moreover, the price spiked below the $10,000 support area. Finally, a swing low was formed near $9,903 and the price is currently correcting higher. It broke the 23.6% Fib retracement level of the last decline from the $10,954 high to $9,903 low.

However, the upward move is facing hurdles near the $10,400 and $10,500 levels. Additionally, the price is also struggling to climb above the 50% Fib retracement level of the last decline from the $10,954 high to $9,903 low. If there is a break above the $10,450 and $10,500 levels, the price could continue to rise. The next key resistance is near the $10,800 level.

On the downside, there are many supports near the $10,100 and $10,000 levels. Additionally, there is a major bullish trend line forming with support near $10,140 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the trend line and the $10,000 support, the price could resume its decline.

Looking at the chart, bitcoin price seems to be consolidating in a contracting range below the $10,500 resistance. It might soon break the $10,500 resistance and continue higher. Conversely, a downside break below $10,000 could start a strong decline in the coming sessions.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving back into the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently stable above the 50 level.

Major Support Level – $10,000

Major Resistance Level – $10,500



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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin8,268.2 0.20 % 0.53 % 0.95 %
Ethereum173.61 0.27 % 1.56 % 6.97 %
XRP0.2951 0.15 % 1.36 % 0.28 %
Tether1.000 0.01 % 0.10 % 0.14 %
Bitcoin Cash230.67 0.49 % 0.40 % 1.19 %
Litecoin54.61 0.49 % 0.79 % 3.87 %
EOS2.930 0.33 % 0.48 % 7.30 %
Binance Coin18.56 0.15 % 1.73 % 0.85 %
Bitcoin SV108.72 0.65 % 3.49 % 24.87 %
Stellar0.06347 0.13 % 0.27 % 2.12 %